History of Citibank in Timeline

Citibank, N.A., founded in 1812 as City Bank of New York, is the primary U.S. banking subsidiary of Citigroup, a multinational financial services corporation. Operating as First National City Bank of New York for a period, Citibank now maintains branches in 19 countries. Within the U.S., its branches are primarily located in six major metropolitan areas: New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. The bank provides a range of financial services to individuals and institutions.

1901: International Banking Corporation Offices

In 1901, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and other locations.

1902: International Banking Corporation Offices

In 1902, the International Banking Corporation (IBC) opened offices in London, Shanghai, Calcutta, and other locations.

1904: Financing the Panama Canal

In 1904, the bank contributed to the financing of the Panama Canal.

1906: Government Balances Held

In 1906, National City held 11% of the U.S. federal government's bank balances.

1907: Intervention in the Panic of 1907

In 1907, the bank's chairman, Stillman, intervened in the Panic of 1907 alongside J. P. Morgan and George Fisher Baker.

1909: James Stillman Becomes First Chairman

In 1909, James Stillman became the first chairman of the company, which was originally founded in 1812.

1910: Acquiring Control over Banque Nationale de la République d'Haïti

In 1910, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.

1911: Acquiring Control over Banque Nationale de la République d'Haïti

In 1911, the Department of State backed a consortium of American investors headed by Citibank to acquire control over the Banque Nationale de la République d'Haïti.

1914: First Overseas Banking Office

In 1914, National City Bank became the first U.S. national bank to open an overseas banking office, establishing a branch in Buenos Aires, Argentina, after the Federal Reserve Act allowed it.

1915: US occupation of Haiti

In 1915, Citibank lobbied for the United States occupation of Haiti, which began that year.

1918: IBC Merger and Moscow Evacuation

In 1918, the International Banking Corporation (IBC) became a wholly owned subsidiary and was merged into the bank. The bank also evacuated all employees from Moscow and Petrograd and established a branch in Puerto Rico.

1919: $1 Billion in Assets

By 1919, the bank became the first U.S. bank to have $1 billion in assets.

March 9, 1921: National Banks in New York City

On March 9, 1921, there were four national banks in New York City operating branch offices, including National City Bank.

1921: Charles E. Mitchell Elected President

In 1921, Charles E. Mitchell was elected president of the bank.

December 24, 1927: Buenos Aires Headquarters Bombing

On December 24, 1927, its headquarters in Buenos Aires, Argentina, were bombed by the Italian anarchist Severino Di Giovanni.

1929: Mitchell Made Chairman

In 1929, Charles E. Mitchell was made chairman of the bank.

1930: Bank Expansion

By 1930, under Mitchell's leadership, the bank had expanded to 100 branches in 23 countries outside the United States.

1933: Mitchell Resigns

In 1933, Charles E. Mitchell resigned as chairman of the bank.

1933: Pecora Commission Investigation

In 1933, the Pecora Commission, a United States Senate committee, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, and tax avoidance.

1940: Branch Closures in Germany and Japan

In 1940, branches in Germany closed.

1941: Branch Closures in Germany and Japan

In 1941, branches in Japan closed.

1945: Handling Treasury Securities

In 1945, the bank handled $5.6 billion in Treasury securities for War and Victory Loan drives for the U.S. government.

1952: James Stillman Rockefeller Elected President

In 1952, James Stillman Rockefeller was elected president of the bank.

1955: Name Change to The First National City Bank of New York

Following its merger with the First National Bank in 1955, the bank changed its name to The First National City Bank of New York.

1957: Recruiting at Harvard Business School

In 1957, the bank began recruiting at Harvard Business School.

1958: Financing of South Pacific

In 1958, the bank arranged the financing of the Hollywood film, South Pacific.

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1959: James Stillman Rockefeller Elected Chairman

In 1959, James Stillman Rockefeller was elected chairman of the bank.

1959: Cuban Branches Nationalized

In 1959, the bank's branches in Cuba were nationalized by the new socialist government.

1960: David Rockefeller Becomes President of Chase Manhattan Bank

In 1960, David Rockefeller became president of Chase Manhattan Bank, a long-time New York rival of National City.

1962: Name Shortened to First National City Bank

In 1962, the bank shortened its name to First National City Bank.

1965: Purchase of Carte Blanche

In 1965, First National City Bank bought Carte Blanche from Hilton Hotels.

1967: Reorganization as a Holding Company

In 1967, First National City Bank reorganized as a one-bank holding company, First National City Corporation, or "Citicorp".

1967: Walter B. Wriston Becomes Chairman and CEO

In 1967, Walter B. Wriston became chairman and chief executive officer of the bank.

1967: Introduction of the "Everything Card"

In 1967, the bank introduced its First National City Charge Service credit card, known as the "Everything Card", later to become part of MasterCard.

1967: James Stillman Rockefeller Serves Until

James Stillman Rockefeller served until 1967.

1968: Name Change to Citicorp

At the time of the name change to Citicorp, in 1968, National City of Ohio was mostly a Cleveland-area bank.

1968: Creation of "The Everything Card"

By 1968, the company created its own credit card, known as "The Everything Card".

1969: Joins Master Charge

By 1969, First National City Bank decided that the Everything Card was too costly to promote and joined Master Charge (now MasterCard).

1969: First African-American Director

In 1969, the bank had its first African-American director, Franklin A. Thomas.

1974: Citicorp Formal Name

In 1974, "Citicorp" became the holding company's formal name.

1976: Renamed Citibank, N.A.

In 1976, First National City Bank was renamed Citibank, N.A.

1977: Creation of the Choice Card

From 1977 to 1987, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.

1977: First National City Sponsors Team Tyrrell

In 1977, First National City was the sponsor of team Tyrrell in Formula 1.

1978: First National City Travelers Checks Sponsors Team Tyrrell

In 1978, First National City Travelers Checks was the sponsor of team Tyrrell in Formula 1.

1978: First National City Travelers Checks Sponsor Indy Car Racing

In the late 1970s, First National City was heavily involved in Indy Car racing, sponsoring drivers like Johnny Rutherford and Al Unser, Sr. In 1978, Al Unser won the Indianapolis 500 in the First National City Travelers Checks livery.

1981: Purchase of Narre Warren-Caroline Springs Credit Card Company

As the bank's expansion continued, the Narre Warren-Caroline Springs credit card company was purchased in 1981.

1981: South Dakota Subsidiary

In 1981, Citibank chartered a South Dakota subsidiary to take advantage of new laws that raised the state's maximum permissible interest rate on loans to 25%.

1984: John S. Reed Selected CEO

In 1984, John S. Reed was selected as CEO, and Citi became a founding member of the CHAPS clearing house in London.

1987: Creation of the Choice Card

From 1977 to 1987, Citibank unsuccessfully tried to create a separate credit card brand, the Choice Card.

1987: $3 Billion in Reserves for Loan Losses

In 1987, the bank set aside $3 billion in reserves for loan losses in Brazil and other developing countries.

1990: Subsidiary in Poland

In 1990, the bank established a subsidiary in Poland.

1992: Citibank Sponsors North Sydney Bears

Citibank became the major sponsor of the North Sydney Bears for the 1992 NSWRL season.

1992: Citibank removes money from customer accounts

In 1992, Citibank began removing money from customer accounts over an 11-year period, without any notice to the customers.

1994: World's Biggest Card Issuer

In 1994, Citibank became the world's biggest card issuer.

1998: GAO Report on Citibank and Raul Salinas

In 1998, the General Accounting Office released a report criticizing Citibank for its handling of funds from Raul Salinas de Gortari, brother of the former president of Mexico, Carlos Salinas. The report, "Raul Salinas, Citibank and Alleged Money Laundering", highlighted that Citibank facilitated the transfer of millions of dollars through complex transactions and failed to properly vet Salinas as a client.

1999: Lawsuit for Improperly Charging Late Fees

In 1999, Citibank was sued for improperly charging late fees on its credit cards.

2001: Citibank Sponsors Australian Rugby Union Team

In 2001, Citibank became a sponsor of the Australian Rugby Union team in a three-year deal.

2002: Acquisition of Golden State Bancorp

In 2002, Citigroup, the parent of Citibank, acquired Golden State Bancorp and its California Federal Bank for $5.8 billion.

2003: End of account sweeping program

In 2003, Citibank ended the electronic account sweeping program that began in 1992, after having removed money from 53,000 customer accounts without notice.

August 2004: Purchase of First American Bank

In August 2004, Citigroup entered the Texas market with the purchase of First American Bank of Bryan, Texas.

2004: Citibank (Japan) Loses Private Banking License

In 2004, Citibank (Japan) lost its private banking license for allowing yakuza members to conduct complex transactions.

2004: Citibank Punished by Japanese Financial Services Agency

In 2004, Citibank was punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The U.S. did not take any disciplinary action.

2005: Citibank Sponsors Sydney Swans

In 2005, Citibank became a major sponsor of the Sydney Swans, who play in the Australian Football League.

2005: Purchase of Federated Department Stores' Consumer Credit Portfolio

In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB).

2006: ICE Seizes Assets of Susumu Kajiyama

Between 2004 and 2006, Immigration Customs Enforcement (ICE) seized nearly $1 million in assets in the United States belonging to Susumu Kajiyama, a Yamaguchi-gumi Goryokai member.

2006: Entry into Philadelphia Market

In 2006, the bank entered the Philadelphia market, opening 23 branches in the metropolitan area.

2006: Naming Rights Sponsorship Deal for Citi Field

In 2006, the company announced a naming rights sponsorship deal for the new stadium of New York Mets, Citi Field.

April 11, 2007: Citigroup Announces Layoffs

On April 11, 2007, Citigroup, the parent of Citibank, announced layoffs of 17,000 employees, representing 8% of its workforce.

November 4, 2007: Charles Prince Resigns as Citigroup CEO

On November 4, 2007, Charles Prince resigned from his position as chairman and chief executive of Citigroup, Citibank's parent company, after facing intense pressure from the board due to significant losses linked to subprime lending. Robert Rubin, former U.S. Secretary of the Treasury, succeeded him as chairman, who then appointed Vikram Pandit as the new chief executive.

November 5, 2007: Citi Reports Billions in Losses

On November 5, 2007, Citibank announced that it anticipated losses between $8 billion and $11 billion for the fourth quarter of 2007, in addition to the $6.5 billion already lost in the third quarter of 2007, due to the subprime mortgage crisis.

November 30, 2007: Citibank Sells Puerto Rico Branches

On November 30, 2007, Citibank finalized the sale of its 17 branches in Puerto Rico, along with $1.0 billion in deposits, to Banco Popular.

2007: Citigroup Reports $10 Billion Loss

In 2007, Citigroup reported a $10 billion loss in the fourth quarter following an $18.1 billion write down.

March 2008: Citibank forms Mobile Money Ventures with SK Telecom

In March 2008, Citibank collaborated with SK Telecom to establish Mobile Money Ventures, aiming to develop mobile banking applications.

May 2008: $87.5 Million Leaseback Deal

In May 2008, Citibank completed a leaseback agreement worth $87.5 million, involving several of its branch locations in New York City.

July 2008: Sale of German Division to Crédit Mutuel

In July 2008, Citibank Privatkunden AG & Co. KGaA, Citibank's German division, was sold to Crédit Mutuel.

August 2008: Citibank Ordered to Repay Customers in California

In August 2008, Citibank was mandated to reimburse $14 million to 53,000 customers following a three-year investigation by the California Attorney General. This amount was taken from customer accounts between 1992 and 2003 without notice under an electronic "account sweeping program", along with an additional $4 million for interest and penalties.

November 23, 2008: Citigroup Receives Additional Bailout Investment

On November 23, 2008, Citigroup, the parent of Citibank, received an additional investment of $20 billion from the U.S. Treasury, alongside guarantees for $306 billion in risky assets, adding to an initial investment of $25 billion due to the 2007-2008 financial crisis and losses in subprime mortgage assets.

2008: PNC Acquisition of National City

In 2008, PNC Financial Services acquired National City during the subprime mortgage crisis.

January 16, 2009: Citigroup Announces Separation of Citi Holdings Inc.

On January 16, 2009, Citigroup announced the separation of Citi Holdings Inc., which contained non-core businesses and higher-risk assets, from Citicorp, allowing Citibank to focus on its core banking operations.

2009: Citi Field Opens

In 2009, Citi Field opened as the new stadium of the New York Mets, sponsored by Citibank.

2009: Citibank Fails to Update Databases, Allows Yakuza Business

In 2009, Citibank was "spanked" for failing to update their databases and allowing yakuza to do business with them again after previously being punished in 2004.

2009: Citibank Punished by Japanese Financial Services Agency Again

In 2009, Citibank was again punished by the Japanese Financial Services Agency for aiding and abetting money laundering by yakuza members. The U.S. did not take any disciplinary action.

February 22, 2010: German Division Renamed Targobank

On February 22, 2010, Citibank's former German division, previously sold to Crédit Mutuel in July 2008, was officially renamed Targobank.

2010: Citibank Repays Treasury Loans

By 2010, Citibank had fully repaid its loans from the U.S. Treasury, including interest, resulting in a net profit for the U.S. federal government after the bailout investment that began on November 23, 2008.

2010: Citibank laundered funds as part of Russian Laundromat

In 2010, Citibank was among the American banks that processed laundered funds as part of Russian Laundromat.

June 2011: Mobile Money Ventures sold to Intuit

In June 2011, Mobile Money Ventures, a joint venture between Citibank and SK Telecom created in March 2008 to develop mobile banking apps, was sold to Intuit.

October 19, 2011: Citigroup Agrees to Civil Fraud Penalty

On October 19, 2011, Citigroup, the parent of Citibank, agreed to pay a $285 million civil fraud penalty following accusations by the U.S. Securities and Exchange Commission that the company bet against risky mortgage-related investments that it also sold to clients.

2013: Citibank's Presence in Sioux Falls, South Dakota

As of 2013, Citibank employed 2,900 people in Sioux Falls, South Dakota, and contributed to the state holding more bank assets than any other state.

2013: Closure of Philadelphia Locations

In 2013, Citibank closed its Philadelphia locations for "efficiency-driven" reasons.

2013: Purchase of Best Buy's Credit Card Portfolio

In 2013, Citibank purchased the credit card portfolio of Best Buy from Capital One.

2013: Bank Heist Equivalent Value

In 2013, the equivalent value of the money stolen during the 1831 City Bank heist was calculated to be $52 million.

2013: Citibank Sponsors Citi Bike in New York City

Since its launch in 2013, Citibank has been the main sponsor of New York City's bike-share scheme, Citi Bike.

September 2014: Citigroup Exits Texas Market

In September 2014, Citigroup exited the Texas market by selling 41 branches to BB&T, as part of a broader strategy to exit retail banking in 11 markets primarily in Europe and Central America.

2014: Citibank laundered funds as part of Russian Laundromat

In 2014, Citibank was among the American banks that processed laundered funds as part of Russian Laundromat.

September 2015: Citibank to Close Massachusetts Branches

In September 2015, Citibank announced it would close its 17 branches in Massachusetts and end its sponsorship of a theater in Boston.

2015: Citibank Ordered to Pay Relief for Illegal Credit Card Practices

In 2015, Citibank was ordered to provide $770 million in relief to borrowers for illegal credit card practices, affecting about 7 million customer accounts, due to deceptive marketing related to costs, fees, and services.

April 1, 2016: Exclusive Issuer of Costco's Branded Credit Cards

On April 1, 2016, Citigroup became the exclusive issuer of Costco's branded credit cards.

December 13, 2016: Columbia University Students Protest Citibank

On December 13, 2016, Columbia University students protested outside the Citibank location on Broadway and 112th Street, in response to the university replacing on-campus Citibank ATMs with ATMs from Santander Bank, a bank that has no ties to the Dakota Access Pipeline.

March 1, 2017: Citibank May Close India Branches

On March 1, 2017, The Economic Times of India suggested that Citibank might close its 44 branches in India due to the rise of digital transactions, despite the bank being "India's most profitable foreign lender".

March 20, 2017: Citibank Linked to Russian Laundromat

On March 20, 2017, The Guardian reported that Citibank was among the American banks that processed laundered funds related to the FSB through the "Russian Laundromat" scheme, handling $37 million between 2010 and 2014.

March 2018: Citibank Announces New Firearms Policy

In March 2018, Citibank announced a new firearms policy, imposing restrictions on financial transactions within the U.S. firearm industry.

June 2018: Citibank Settles Libor Scandal Claims

In June 2018, Citibank reached a settlement with 42 U.S. states and agreed to pay a $100 million fine due to their manipulation of the London Inter-bank Offered Rate (Libor).

September 2020: Citibank's US Branches Location

As of September 2020, Citibank's US branches are located in multiple metropolitan areas, with the majority in California.

April 2021: Citibank to Exit Consumer Banking in 13 Markets

In April 2021, Citibank declared its exit from consumer banking operations in 13 markets, encompassing countries such as Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

January 2022: Citi Announces Plan to Exit Consumer Banking in Mexico

In January 2022, Citi announced its plan to exit consumer banking in Mexico, including Citibanamex, and small-business and middle-market banking operations.

September 2022: Citi to Wind Down Retail Banking in the UK

In September 2022, Citi announced its intentions to wind down its retail banking operations in the United Kingdom.

2022: Potential Return to Dallas Retail Banking

In 2022, Citi announced it may return its retail banking presence to Dallas.

2023: Citibank's ranking in the US

As of 2023, Citibank is the third-largest bank in the United States based on asset size.

2023: Citi reports $1.8 billion loss in the fourth quarter

In 2023, Citi reported a $1.8 billion loss in the fourth quarter.

January 2024: Citi Reports Loss and Announces Job Cuts

In January 2024, Citi reported a $1.8 billion loss for the fourth quarter of 2023 and announced plans to eliminate 20,000 jobs, which is approximately 8% of its workforce.

2024: Citi Highlights Services Division at Investor Day

In 2024, at Citi's investor day, the bank emphasized its Services division, which generates income from "financial pipes".

March 2025: Citibank Discrimination Settlement

In March 2025, Citi reached a discrimination settlement, paying out £215,000 to a former employee after she was denied an expected promotion upon returning from maternity leave.